Google becomes the subsidiary of a new holding company called Alphabet; no kidding

Something worth noticing,  though it's hard to know what its long-term impact will be on, just for instance, the magazine and web publishing business. According to a post on the Google blog it is becoming a wholly owned subsidiary of a new company called Alphabet, created by Larry Page​ and Sergey Brin​. All Google Inc. shares will convert into Alphabet shares. And Sundar Pichai​ becomes CEO of Google. Alphabet will apparently replace Google Inc as the publicly traded entity and will house many of the company's new launches and developments: 

"This newer Google is a bit slimmed down, with the companies that are pretty far afield of our main Internet products contained in Alphabet instead," said Larry Page. "What do we mean by far afield? Good examples are our health efforts: Life Sciences (that works on the glucose-sensing contact lens), and Calico (focused on longevity). Fundamentally, we believe this allows us more management scale, as we can run things independently that aren’t very related. Alphabet is about businesses prospering through strong leaders and independence. In general, our model is to have a strong CEO who runs each business, with Sergey and me in service to them as needed."